The market plays a huge role in how quickly you can lease your Honolulu rental property, and the seasons also have an impact on finding a good tenant and charging the highest possible rent. Honolulu investors should take note that there is a large military presence in Hawaii. Our rental market really revolves around two main influences; school schedules and the influx of military personnel coming to the islands.
Honolulu Owners: Renting During the Spring, Summer, Fall, and Winter
In our rental market, end of April is the very beginning of the busy season. The military increases the transport of personnel arriving here, and by May when schools are in recess, we are in the thick of the popular rental season. The pool of Honolulu tenants grows, and landlords have a number of well-qualified residents looking for desirable homes. Things stay busy through the summer, and in mid-August, when schools are back in session, we begin to see a decrease in tenants and rents. In the fall, towards the end of September and October, the military begins decreasing the personnel coming to the islands. Things start to slow down, and Honolulu landlords will want their properties filled by then.
In mid-December, things get busy again for two or three weeks while schools are in recess. It’s a short rental season, however, and everyone wants to be housed by the holidays at the end of the month. Rent’s don’t usually increase during this short period of time, but it does help rent properties more quickly.
Honolulu Property Management in Competitive Markets
A slower time of year doesn’t mean your property won’t rent to good tenants and that it will takes months to fill the vacancy. It simply means that at certain times, it can take a little longer to find the right tenant. You may need to be more flexible with your rental amount as well. Well qualified tenant’s know that they can choose almost any property they want and be approved. They often pay close attention to the market and when its slow, there are more places to choose from. This allows them to be more selective and price adjustments can be a great way to catch their attention. At HappyDoors Property Management, we’re always happy to provide a free rental analysis so you can know what your home is likely to rent for.
Honolulu Property Management Timing
There are a few things Honolulu landlords can do. When you sign a lease with your tenants, try to have the lease date end closer to the busy season. You don’t need to use a traditional 12-month lease every time. If you have a vacancy around May or June, you’ll be well-positioned to enter a strong rental market. Think about the timing of your lease renewals as well. Instead of renewing for 12 months, renew for six months if the timing makes more sense.
If you have any questions about leasing your Honolulu rental property, please don’t hesitate to contact us at HappyDoors Property Management.